SP plans to submit its proposal to Vietnam's prime minister next year, according to Vo Dinh Tien, an official with central Phu Yen province's planning and investment department.

If the prime minister approves the project, construction would begin in 2009 on 1,300 ha, Tien said. The aim of the project is to supply domestic as well as export markets.

SP is expected initially to invest $1.5 billion to build several petrochemical facilities in that area from 2009-14. SP then will invest $3.5 billion to enlarge the complex.

A refinery and a port that can accommodate ships as large as 250,000 dwt also will be built as part of the project, Tien said. The completed complex is expected to attract further investment of $6 billion from foreign and domestic companies, he said.